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2023 (2) TMI 422 - AT - Income TaxAddition u/s 68 - During course of investigation the DGCEI came across certain bank accounts operated by shroffs in which huge cash was deposited - CIT-A deleted the addition - HELD THAT:- CIT(A) has assumed the business of the assessee as shroffs business and from the various documents and evidences presented before us the assessee could not establish that the investment in respect of cash was related to the business of the assessee. The assessee has not appeared before the Assessing Officer and has not filed any details. AR at the time of hearing filed application under Rule 27 thereby supporting the order of the CIT(A) but the CIT(A) has not given detailed finding as to why the said unexplained cash credit should be taken into account when the evidences before the Assessing Officer as well as before the CIT(A) lacks the genuineness & creditworthiness of the transactions. Therefore, the CIT(A) was not right in deleting the addition - Decided in favour of revenue.
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